A Timely Market Opportunity.

Massive dislocation in food service / restaurant industry by Covid-19 is creating highly attractive opportunities for investment.

Acceleration of quick service, grab&go and off-premise growth trends. Under-penetrated UK and European markets. Significant capital requirements (good businesses/bad balance sheets). Window of attractive entry multiples. Real estate repricing. 30% less competition. Tangible opportunity for expansion and margin improvement. Availability of best-in-class operators and industry executives

Our Investment criteria —

**Proven concepts**
with at least 10 sites or revenues of €10 million.
Minimum of 15 sites or EBITDA of €3 million
Focus on limited service, technology-enabled concepts

humphrey-muleba-k6QvDtLBGMI-unsplash+%281%29.jpg — **Strong employee culture** and customer loyalty

Bold and ambitious, experienced operators with a passion for the business and disrupting the status quo — **Bold and ambitious, experienced operators** with a passion for the business and disrupting the status quo

Scalable operating models and demonstrable domestic and/or international growth prospects. Scalable operating model with demonstrable domestic and/or int’l growth prospects — **Scalable operating models** and demonstrable domestic and/or international growth prospects.
Scalable operating model with demonstrable domestic and/or int’l growth prospects

**Superior store-level economics**

**Unit Economics** Above-average unit economics (>20% store-level margin)
Superior Economics
ROCE >30%, paybacks under three years on new sites
**Attractive Return**
Min. 3-5x MOIC target over a 4-6 year hold period

**Environmentally and socially sustainable**

Differentiated Private Equity Investor

14 investment and operations professionals averaging 20+ years of PE and restaurant chain management experience in Europe, the US and Asia.

Strong investment track-record totalling US$1.2 billion, including US$625 million of equity and debt invested in 73 restaurant companies across 43 brands and 3,200+ stores.

Average IRR of 32.9% (2.7x) on equity and 10.2% (1.3x) on debt investments since 2003.

Deep industry expertise, resources and relationships across Europe and internationally.

Operationally-driven Investment Approach —

Active involvement in our portfolio companies by providing them with the tools to unlock tangible strategic, operational and financial levers of value creation.

See how we help operators put it all together.